Royal Bank Of Canada Cuts Lineage (NASDAQ:LINE) Price Target to $51.00

Key Points

• Royal Bank of Canada has lowered its price target for Lineage (NASDAQ:LINE) from $64.00 to $51.00, maintaining an "outperform" rating which implies a potential upside of 26.5% from the current price.
• Multiple brokerages have also adjusted their price targets for Lineage, with notable cuts to $50.00 by JPMorgan Chase & Co. and $48.00 by Wells Fargo & Company.
• Lineage's shares recently traded down 0.9% to $40.32 with a market capitalization of $9.22 billion, while insiders have increased their holdings significantly, indicating confidence in the company's future.

Lineage (NASDAQ:LINE - Get Free Report) had its price objective decreased by Royal Bank Of Canada from $64.00 to $51.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price would suggest a potential upside of 30.17% from the company's previous close.

A number of other brokerages have also recently issued reports on LINE. Citigroup decreased their price objective on shares of Lineage from $64.00 to $49.00 and set a "neutral" rating on the stock in a research note on Thursday, June 12th. Robert W. Baird decreased their price target on Lineage from $64.00 to $51.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 13th. UBS Group lowered their price target on Lineage from $49.00 to $45.00 and set a "neutral" rating for the company in a report on Wednesday, July 23rd. Wells Fargo & Company reduced their price objective on Lineage from $64.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Monday, May 19th. Finally, The Goldman Sachs Group decreased their target price on Lineage from $57.00 to $50.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Six analysts have rated the stock with a Buy rating, eight have issued a Hold rating and four have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $53.56.

Lineage Price Performance

Shares of LINE traded down $0.84 during trading hours on Monday, hitting $39.18. 712,318 shares of the company were exchanged, compared to its average volume of 1,207,144. The company has a quick ratio of 0.83, a current ratio of 0.96 and a debt-to-equity ratio of 0.72. Lineage has a fifty-two week low of $39.10 and a fifty-two week high of $86.80. The company has a market cap of $8.96 billion and a price-to-earnings ratio of -14.04. The firm's fifty day moving average is $42.93 and its 200 day moving average is $49.65.

Lineage (NASDAQ:LINE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.06. The business had revenue of $1.35 billion during the quarter, compared to analysts' expectations of $1.33 billion. Lineage had a negative net margin of 10.57% and a negative return on equity of 5.76%. The company's quarterly revenue was up .9% compared to the same quarter last year. On average, equities analysts anticipate that Lineage will post 2.34 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Sudarsan V. Thattai purchased 3,563 shares of Lineage stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $42.45 per share, for a total transaction of $151,249.35. Following the transaction, the insider owned 7,983 shares of the company's stock, valued at approximately $338,878.35. This represents a 80.61% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Kevin Patrick Marchetti acquired 12,345 shares of the stock in a transaction dated Tuesday, August 19th. The shares were bought at an average price of $40.44 per share, with a total value of $499,231.80. Following the completion of the transaction, the chairman directly owned 74,668 shares of the company's stock, valued at $3,019,573.92. The trade was a 19.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 39,448 shares of company stock valued at $1,645,752 over the last 90 days. 71.90% of the stock is currently owned by company insiders.

Institutional Trading of Lineage

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LINE. Nissay Asset Management Corp Japan ADV lifted its position in shares of Lineage by 4.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 8,910 shares of the company's stock worth $526,000 after purchasing an additional 340 shares during the period. EverSource Wealth Advisors LLC raised its stake in Lineage by 172.4% during the second quarter. EverSource Wealth Advisors LLC now owns 572 shares of the company's stock worth $25,000 after buying an additional 362 shares during the last quarter. Signaturefd LLC raised its stake in Lineage by 132.3% during the second quarter. Signaturefd LLC now owns 648 shares of the company's stock worth $28,000 after buying an additional 369 shares during the last quarter. State of Alaska Department of Revenue lifted its holdings in Lineage by 1.2% in the first quarter. State of Alaska Department of Revenue now owns 30,095 shares of the company's stock valued at $1,764,000 after buying an additional 371 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Lineage by 170.4% during the first quarter. PNC Financial Services Group Inc. now owns 730 shares of the company's stock valued at $43,000 after acquiring an additional 460 shares during the last quarter.

About Lineage

Lineage, Inc is the world's largest global temperature-controlled warehouse REIT with a network of over 480 strategically located facilities totaling over 84.1 million square feet and 3.0 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific. Coupling end-to-end supply chain solutions and technology, Lineage partners with some of the world's largest food and beverage producers, retailers, and distributors to help increase distribution efficiency, advance sustainability, minimize supply chain waste, and, most importantly, feed the world.